Press Release

VIS Reaffirms Broker Management Rating of BMA Capital Management Limited

Karachi, October 04, 2022: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of BMA Capital Management Limited (BMA) at ‘BMR2+’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on May 21, 2021.

The rating signifies strong client relationship management, HR & IT services and compliance levels, sound internal and external controls, supervision framework, while regulatory framework and financial management are considered adequate.

Reaffirmation of the rating takes note of the Company’s sound internal and external control framework and strong client relationships. Availability of client facilitation tools including mobile and web-based trading terminals as well as established research function facilitates enhanced customer satisfaction. HR infrastructure is also considered strong with full integration of ERP platform. Sound compliance and risk management framework also provides comfort to the assigned rating. Rating also take into account adequate
regulatory framework. While supervision levels are considered sound, room for improvement exists in the board size and composition including inclusion of certified and independent members. The Company contesting to certain regulatory actions, outcome of which will be evaluated by VIS.

Assessment of financial profile indicates deterioration in the Company’s operational performance primarily on account of subdued market activity at end-FY22. Consequently, core brokerage income and revenues emanating from other sources also registered a decline. Cost to income ratio remains elevated on account of higher administrative expenses. Liquidity profile remains adequate; however, capitalization indicators depict improvement albeit remaining on the higher side. Going forward, improvement in earning profile and capitalization indicators, and streamlining of cost to income ratio will remain important for assigned rating.

For further information on this rating announcement, please contact Syeda Batool Zehra Zaidi (Ext: 210) or the undersigned (Ext: 207) at 021-35311861-71 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Management Ratings (July 2020)

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